AMENDMENT AND WAIVER (this "Amendment"), dated as of August 26, 1998, to the FIVE YEAR COMPETITIVE ADVANCE AND REVOLVING CREDIT AGREEMENT and the 364-DAY COMPETITIVE ADVANCE AND REVOLVING CREDIT AGREEMENT, each of which is dated as of October 2, 1996 (as each of the same may be amended, supplemented or otherwise modified from time to time, the "Credit Agreements"), by and among CENDANT CORPORATION, a Delaware corporation (the "Borrower"), the financial institutions parties thereto (the "Lenders"), and THE CHASE MANHATTAN BANK, a New York banking corporation, as agent for the Lenders (in such capacity, the "Administrative Agent"). W I T N E S S E T H: WHEREAS, pursuant to the Amendment and Waiver dated as of April 15, 1998 (the "April Waiver") and the Amendment dated as of May 6, 1998 (the "May Amendment") the Lenders agreed that the Borrower's consolidated financial statements and related officer's and accountant's certificates for the fiscal year ended December 31, 1997 and the fiscal quarter ending March 31, 1998 could be delivered on or prior to August 31, 1998; WHEREAS, the Borrower has requested the Lenders to extend the date on which such financial statements and certificates are required to be delivered from August 31, 1998 to September 30, 1998 upon the terms and conditions set forth herein; WHEREAS, the Borrower has also requested the Lenders to extend to September 30, 1998 the date on which the Borrower's consolidated financial statements and related officer's certificate are required to be delivered pursuant to Section 5.1(b) and (c) of the Credit Agreements for the fiscal quarter ending June 30, 1998; NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the undersigned hereby agree as follows: 1. Defined Terms. Terms defined in the Credit Agreements and used herein shall have the meanings given to them in the Credit Agreements. 2. Amendment and Waiver. (a) The Required Lenders under each Credit Agreement hereby amend the May Amendment to waive compliance by the Borrower with the provisions of Section 5.1(a), (b), (c) and (h) of the Credit Agreements with respect to the financial statements, officer's certificates and accountant's certificate required to be delivered in respect of the fiscal year ending December 31, 1997 and fiscal quarter ending March 31, 1998 as long as such financial statements and certificates are delivered on or prior to September 30, 1998. The result of such amendment is to extend the date by which such financial statements and certificates are required to be delivered from August 31, 1998 to September 30, 1998. The Required Lenders agree that the failure to deliver such financial statements and certificates prior to September 30, 1998 shall not constitute a Default or Event of Default. 2 CAR (b) The Required Lenders under each Credit Agreement hereby waive compliance by the Borrower with the provisions of Section 5.1(b) and (c) of the Credit Agreements with respect to the financial statements and officer's certificate required to be delivered in respect of the fiscal quarter ending June 30, 1998 as long as such financial statements and certificate are delivered on or prior to September 30, 1998. The Required Lenders agree that the failure to deliver such financial statements and certificate prior to September 30, 1998 shall not constitute a Default or Event of Default. 3. Effective Date. This Amendment shall become effective on the date (the "Effective Date") on which the Borrower, the Administrative Agent and the Required Lenders under each Credit Agreement shall have duly executed and delivered to the Administrative Agent this Amendment. 4. No Other Amendments; Confirmation. Except as expressly amended hereby, the provisions of the Credit Agreements and each of the Fundamental Documents are and shall remain in full force and effect. 5. Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 6. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Amendment may be delivered by facsimile transmission of the relevant signature pages hereof. 7. Representations and Warranties. The Borrower hereby represents and warrants that (a) each of the representations and warranties in Section 3 of each Credit Agreement (other than those set forth in Section 3.4 and 3.5) shall be, after giving effect to this Amendment, true and correct in all material respects as if made on and as of the Effective Date (unless such representations and warranties are stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and (b) after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first above written. CENDANT CORPORATION By: /s/ Michael P. Monaco ------------------------------------ Name: Michael P. Monaco Title: Vice Chairman and CFO THE CHASE MANHATTAN BANK, as Administrative Agent and as a Lender By: /s/ Carol Ulmer ---------------------------------- Name: /s/ Carol Ulmer Title: Vice President 3 CAR ABN-AMRO BANK N.V. NEW YORK BRANCH By: ------------------------------------ Name: Title: By: ------------------------------------ Name: Title: BANK OF AMERICA NT&SA By: /s/ Steve Aronowitz ------------------------------------ Name:/s/ Steve Aronowitz Title: Managing Director BANK OF MONTREAL By: /s/ Bruce Pietka ------------------------------------ Name:/s/ Bruce Pietka Title: Director THE BANK OF NEW YORK By: /s/ Georgia Paiv Kita ------------------------------------ Name:/s/ Georgia Paiv Kita Title: Vice President 4 CAR THE BANK OF NOVA SCOTIA By: /s/ Stephen Lockhart ------------------------------------ Name:/s/ Stephen Lockhart Title: Vice President BANK OF TOKYO-MITSUBISHI TRUST COMPANY By: /s/ W. A. DiNicola ------------------------------------ Name:/s/ W. A. DiNicola Title: Vice President BANQUE PARIBAS By: /s/ Duane Helkowski ------------------------------------ Name:/s/ Duanne Helkowski Title: Vice President By: /s/ Sean Reddington ------------------------------------ Name:/s/ Sean Reddington Title: Vice President 5 CAR BAYERISCHE LANDESBANK GIROZENTRALE CAYMAN ISLANDS BRANCH By: /s/ Sean O'Sullivan ------------------------------------ Name:/s/ Sean O'Sullivan Title: Vice President By: /s/ Peter Oberman ------------------------------------ Name:/s/ Peter Oberman Title: Senior Vice President BAYERISCHE VEREINSBANK AG, NEW YORK BRANCH By: /s/ Marianne Weinzinger ------------------------------------ Name:/s/ Marianne Weinzinger Title: Vice President By: /s/ Pamela Gillons ------------------------------------ Name:/s/ Pamela Gillons Title: Asst. Treasurer CANADIAN IMPERIAL BANK OF COMMERCE By: /s/ Gerald Girardi ------------------------------------ Name:/s/ Gerald Girardi Title: Executive Director 6 CAR CITIBANK, N.A. By: /s/ James Garvin ------------------------------------ Name: /s/ James Garvin Title: Attorney-in-Fact COMERICA BANK By: /s/ Kimberly Kersten ------------------------------------ Name: /s/ Kimberly Kersten Title: Vice President CREDIT LYONNAIS NEW YORK BRANCH By: /s/ Rod Hurst ------------------------------------ Name: /s/ Rod Hurst Title: Vice President CREDIT SUISSE FIRST BOSTON By: /s/ Chris Horgan ------------------------------------ Name: /s/ Chris Horgan Title: Vice President By: /s/ Kristin Lepri ------------------------------------ Name: /s/ Kristin Lepri Title: Associate 7 CAR DG BANK DEUTSCHE GENOSSENSCHAFTSBANK, CAYMAN ISLAND BRANCH By: /s/ Stefanie Gaensslen ------------------------------------ Name: /s/ Stefanie Gaensslen Title: Asst. Vice President FIRST AMERICAN NATIONAL BANK By: /s/ Scott Bane ------------------------------------ Name: /s/ Scott Bane Title: Senior Vice President 8 CAR FIRST HAWAIIAN BANK By: /s/ Scott Nahme ------------------------------------ Name: /s/ Scott Nahme Title: Vice President THE FIRST NATIONAL BANK OF BOSTON By: /s/ Carlton Williams ------------------------------------ Name: /s/ Carlton Williams Title: Director THE FIRST NATIONAL BANK OF CHICAGO By: /s/ Cory Helfand ------------------------------------ Name: /s/ Cory Helfand Title: Vice President FIRST NATIONAL BANK OF MARYLAND By: s/s Marion Knott ------------------------------------ Name: /s/ Marion Knott Title: Senior Vice President FIRST UNION NATIONAL BANK By: /s/ Mark Smith ------------------------------------ Name: /s/ Mark Smith Title: Senior Vice President FLEET NATIONAL BANK By: /s/ Marlene Haddad ------------------------------------ Name: /s/ Marlene Haddad Title: Vice President 9 CAR THE FUJI BANK, LIMITED NEW YORK BRANCH By: /s/ Toshiaki Yakura ------------------------------------ Name:/s/ Toshiaki Yakura Title: Senior Vice President THE INDUSTRIAL BANK OF JAPAN, LIMITED NEW YORK BRANCH By: /s/ William Kennedy ------------------------------------ Name:/s/ William Kennedy Title: Vice President MELLON BANK, N.A. By: /s/ Donald Cassidy ------------------------------------ Name:/s/ Donald Cassidy Title: First Vice President MORGAN GUARANTY TRUST COMPANY OF NEW YORK By: /s/ Christopher Kunhardt ------------------------------------ Name: /s/ Christopher Kunhardt Title: Vice President NATIONSBANK, N.A. By: /s/ Eileen Higgins ------------------------------------ Name: /s/ Eileen Higgins Title: Vice President 10 CAR THE NORTHERN TRUST COMPANY By: /s/ Kelly Schneck ------------------------------------ Name: /s/ Kelly Schneck Title: Commercial Banking Officer PNC BANK, N.A. By: /s/ Michael Nardo ------------------------------------ Name: /s/ Michael Nardo Title: Vice President ROYAL BANK OF CANADA By: /s/ Sheryl Greenberg ------------------------------------ Name: /s/ Sheryl Greenberg Title: Senior Manager THE SAKURA BANK, LIMITED By: /s/ Haruhide Maeda ------------------------------------ Name: /s/ Haruhide Maeda Title: Joint General Manager THE SANWA BANK, LIMITED By: /s/ Dominic Sorresso ------------------------------------ Name: /s/ Dominic Sorresso Title: Vice President 11 CAR THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH By: /s/ Kazuyoshi Ogawa ------------------------------------ Name: /s/ Kazuyoshi Ogawa Title: Joint General Manager SUMMIT BANK By: ------------------------------------ Name: Title: THE TOKAI BANK LIMITED NEW YORK BRANCH By: /s/ Shinichi Makatani ------------------------------------ Name: /s/ Shinichi Makatani Title: Assistant General Manager UNITED STATES NATIONAL BANK OF OREGON By: /s/ Greg Wilson ------------------------------------ Name:/s/ Greg Wilson Title: Commercial Banking Officer 12 CAR WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH By: /s/ Cynthia Nieson ------------------------------------ Name: /s/ Cynthia Nieson Title: Managing Director BANKERS TRUST COMPANY By: /s/ James Reilly ------------------------------------ Name: /s/ James Reilly Title: Vice President